Pricing for sale when there are no comps?

[Robert Steele]

We've always had nice slow and steady residential market here but this year it has gotten quite quite batty.

I am selling a house in a hot neighborhood and am puzzled about what price to ask as I don't have any MLS comps. This is because all the sales this year in this neighborhood are being done privately before the houses even hit the market.

How should I price this thing? Just start very high and come down incrementally until someone bites or start low and pick the highest multiple offer, or do a professional onsite auction?